Yahoo Finance Superheater Market worth USD 6.73 billion by 2027, registering a CAGR of 5.49% CAGR - Report by Market Research Future (MRFR)
New York, July 27, 2021 (GLOBE NEWSWIRE) -- Superheater Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Superheater Market Research Report, Type, Application and Region - Forecast till 2027” the market size is projected to be worth USD 6.73 billion by 2027, registering a CAGR of 5.49% CAGR during the forecast period (2021 - 2027).
Multiple Factors Supporting Market Growth
Some of the factors propelling the global superheaters market growth include the increasing number of power plants and swift growth of the steam boilers market. Furthermore, Asia Pacific is one of the most diverse industrial hubs, with over 70,000 products with applications in the cosmetics, petrochemicals, pharmaceuticals, and fertilizer industries. The expansion of power plant capacity has become a primary driver of the worldwide superheater market. By 2035, the International Energy Agency (IEA) estimates that an investment of roughly USD 9.5 trillion would be required for the construction of new power plants and the refurbishment of existing ones. Furthermore, the urban population will constitute more than 60% of the total population. Furthermore, favorable industrial growth policies, low-cost raw resources, low labor costs, and ease of access have transformed China and India into attractive industrial markets and the world's fastest-rising economies. All these elements are projected to propel the superheater industry.
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Key Players
List of the key companies in the global superheater market are –
National Boiler Service
Chromalox
Optimus Industries
Birwelco
Alfa Laval
Sussman Electric Boilers
Watlow
KNM Group
Sandvik AB
VPI Acquisition Company LLC
Maarky Thermal Systems Inc.
Uchino Co. Ltd.
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Market Segmentation
The global superheater market has been segmented into type and application.
By type, the global superheater market has been segmented into radiant superheaters, convection superheaters, and combined superheaters. The radiant type segment dominates the market because when the boiler load is reduced by roughly 50%, the heat of the flue gas is significantly reduced, resulting in less heat captured by the convection superheater. A radiant superheater can sustain heat at practically any load, resulting in a constant final superheat temperature. End customers will be compelled to install radiant superheaters as a result of these causes.
By application, the global superheater market has been segmented into power generation, industrial, oil & gas, and others.
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Regional Analysis
APAC to Lead with the Greatest Market
In 2018, Asia Pacific had the greatest market share in the worldwide superheater market. Asia Pacific is expected to be the fastest expanding market during the forecast period, owing to rising power demand and rising investments in new power generation plants. China is estimated to lead the Asia Pacific superheater market during the forecast period, with the highest CAGR from 2018 to 2023. During the forecast period, China and India are expected to be among the fastest-growing economies. These countries are expected to account for roughly 70% of all proposed thermal power capacity additions over the same time frame. All of these factors are likely to push the superheater market, as superheaters are an essential component of power generation plants.
North America to Display Strong Growth
The market in North America is expected to remain strong throughout the forecast period due to established infrastructure, increased power consumption, the presence of important market participants in the US, technical innovation, and increased power output. After the United States, Canada and Mexico are major country-specific markets.
Europe to Follow North America
Europe is another important geographic market for the same reasons that apply to North America. Germany, Norway, Russia, and the United Kingdom earn the most market revenue in this region. Other European countries account for a considerable portion of the market as well.
South America to Grow Steadily
Since South America has yet to reach technical improvement over North America, the market in South America is expected to grow slowly but steadily during the projection period. Argentina, Brazil, Colombia, and Venezuela are the region's major country-specific marketplaces. The remaining South American countries contribute to this industry as well.
Segmentation of Market covered in the research:
Information by Type (Radiant Superheaters, Convection Superheaters, and Combined Superheaters), by Application (Power Generation, Industrial, Oil & Gas, and Others) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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